Bentley celebrates record results for 2022
Bentley is celebrating record results on its ambitious road to full electrification as wealthy customers spent more on higher value bespoke and personalised luxury models carrying a bigger profit margin – despite a ‘rollercoaster’ year.
Operating profits of €708million (£622m) for 2022 marked an increase of €319m (£280m) on 2021, and are up nearly €1billion (£880m) on the €288m (£253m) losses of pre-pandemic 2018.
But it was customer spending on lucrative extras, more than extra sales volume, which helped overall revenues jump 19 per cent year-on-year as turnover hit €3.38bn (£2.97bn).
Bentley said: ‘The latest annual figures show a profit of €708m (£622m), representing an 82 per cent growth in profit from a four per cent growth in volume.’
Return on sales climbed to 20.9 per cent in 2022, a rise from 13.7 per cent in 2021 and the highest in Bentley’s 104-year history.
This was driven by a ‘significant shift’ in buying patterns as well-heeled customers chose higher specification derivatives, costlier personalised options and extras, and invested more in exclusive Limited Editions and Coachbuilt ‘collectibles’ – such as the Bacalar – costing around £2m each.
The average price of a car sold had soared from €165,000 (£145k) in 2018 to €220k (£193k) in 2022 driven by increased demand for personalisation, not price increases, said Hallmark.
But the best ever ‘milestone’ year for both sales and financial performance also came in the face of unprecedented turbulence and ten separate crises, of which four could have shut the prestige British car maker for up to six months, admitted Bentley chairman and chief executive Adrian Hallmark.
Source of data and images: dailymail